tag:blogger.com,1999:blog-32192548529735265492024-02-08T10:23:51.604-08:00Market UpdatesRead about local real estate market updates for the Coos County area, as well as information on business and community plans that have the potential to affect our local economy. Anonymoushttp://www.blogger.com/profile/04923183255175937211noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3219254852973526549.post-48209979257398409072015-09-25T16:55:00.001-07:002015-09-25T16:55:40.816-07:00The Real Estate Market for the first 8 months of 2015<span style="font-size: 14pt; line-height: 115%;"><span style="color: white; font-family: Calibri;">Comparing
the first eight months of 2015 to the same period in 2014 closed sales have
increased by 19.7%.<span style="mso-spacerun: yes;"> </span>Resultantly the
average sale and median prices have increased by 8.8% and 17.9% respectively.
This brings the average sales price throughout Coos County to $181,700 and the
median price to $165,000.<span style="mso-spacerun: yes;"> </span>Of course
these numbers are of the greatest concern for anyone who is actively looking to
buyer sell in the immediate future.</span></span><br />
<span style="color: white;">
</span><br />
<div style="margin: 0in 0in 10pt;">
<span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;"><span style="color: white;">The amount
of available housing inventory remains fairly consistent over the past three
months ranging from 5.8 months of inventory in June to 6.3 months worth in August.
This is enough to make the existing inventory remain competitive yet not so
small that buyers get into a bidding contest as they seem to be doing in the
metropolitan areas.</span> </span></span></div>
<div style="margin: 0in 0in 10pt;">
<span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;"><strong>O</strong></span></span><span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;"><strong>ne thing
more alarming to the immediate future buyer or seller is that the Federal
Reserve appears to be going to increase their lending rates within the next few
months.</strong> </span></span></div>
<div style="margin: 0in 0in 10pt;">
<span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;"><span style="color: white;">Governments have two types of policy tools they can sort of use as
jumper cables to kick start the economy, fiscal policy and monetary policy.
Fiscal policy relates to the things the government can, in terms of spending or
tax reduction, help to move the economy.<span style="mso-spacerun: yes;">
</span>Monetary policy refers to the ability of the government to influence or modify
the money supply. Currently the Federal Reserve rate is at 0% which inhibits
them from lowering the interest rate in the event of a difficult economy.
Monetary policy directly affects mortgage rates. The rate that the lenders can
borrow at affects the rate that they will loan at.</span> <strong>So once again it is commonly
thought that mortgage rates will increase soon.</strong> </span></span></div>
Anonymoushttp://www.blogger.com/profile/04923183255175937211noreply@blogger.com0tag:blogger.com,1999:blog-3219254852973526549.post-22455822387605836752015-08-26T16:16:00.001-07:002015-08-26T16:21:47.211-07:00The Real Estate Market for the first 7 months of 2015<br />
<div style="margin: 0in 0in 10pt;">
<span style="line-height: 115%;"><span style="color: white; font-family: Calibri; font-size: small;">The market
in Coos County continues to improve with July seeing a large increase in
pending sales over June of 2015 with accepted offers by 19.1% over last
month.<span style="mso-spacerun: yes;"> </span>This was the best July since
2005.<span style="mso-spacerun: yes;"> </span>The closed sales declined from
June by 9.2% however potential closings are really stacking up and already
closed sales have increased by 22% over the first 7 months of 2014.<span style="mso-spacerun: yes;"> </span>The average sale price continues to increase
by 6.8% and the median price by 13.6% year to date. Currently the average sales
price through July is $178,900. </span></span></div>
<span style="color: white;"></span><br />
<div style="margin: 0in 0in 10pt;">
<span style="line-height: 115%;"><span style="font-family: Calibri;"><span style="color: white;">The amount
of available inventory moved up slightly to 6.4 months from 5.8 months in
June.<span style="mso-spacerun: yes;"> </span>This movement is not enough in a
given month to be significant as a long term indicator. These numbers will
facilitate month by month.<span style="mso-spacerun: yes;"> </span>Remember that
the number of months of available inventory indicates, at the current rate of
sales it would take 6.4 months to sell everything that is currently on the
market if no new properties were added.<span style="mso-spacerun: yes;"> </span></span></span></span></div>
<span style="color: white;"></span><br />
<div style="margin: 0in 0in 10pt;">
<span style="line-height: 115%;"><span style="color: white; font-family: Calibri;">Markets
aren’t just local, they’re “hyperlocal”. Prices may be up or down in your State
but completely different in your local area. Months of inventory on the market
are the best predictor of price changes.<span style="mso-spacerun: yes;">
</span>Even though the National Association of Realtors forecasts that existing
home sales and prices will increase, the real issue is how much inventory is on
the market in your local market area. If there are only two months of inventory
in your market, chances are good that prices will increase.<span style="mso-spacerun: yes;"> </span>On the other hand if there are 10-12 or more
months of inventory, your area will stay the same or possibly decrease.</span></span></div>
<span style="color: white;"></span><br />
<div style="margin: 0in 0in 10pt;">
<span style="line-height: 115%;"><span style="color: white; font-family: Calibri;">With the
current trends in Coos County expect that the sale prices will increase. The
total time on the market from listing date to accepting an offer has reduced
about 1% to 172 days from about 180 days.<span style="mso-spacerun: yes;">
</span>This I would project will reduce more if as I project, the market
continues to improve.</span></span></div>
Anonymoushttp://www.blogger.com/profile/04923183255175937211noreply@blogger.com0tag:blogger.com,1999:blog-3219254852973526549.post-33728758206445038732015-08-13T12:08:00.000-07:002015-08-26T16:22:51.140-07:00The Real Estate Market for the first 6 months of 2015<div align="center" class="MsoNormal" style="text-align: center;">
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<span style="color: white; line-height: 115%; mso-bidi-font-size: 14.0pt;">The
2015 Real Estate Market on the southern Oregon coast has seen a tremendous
improvement over the same period in 2014.
Beginning in 2011 this market has continuously seen improved growth in
closed sales and an increase in median sales price. (the median being the
mid-point of all real estate sales) Year
to date in 2015 the number of closed sales has increased by 27% and the median
sale price has increased by 14.2%, over the same period in 2014. </span></div>
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<span style="color: white; line-height: 115%; mso-bidi-font-size: 14.0pt;"><br /><span style="color: white;"></span></span></div>
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<span style="color: white; line-height: 115%; mso-bidi-font-size: 14.0pt;">Consequently
the number of available properties (listings) has decreased by 3.7% indicating
that the benefit to the potential buyers, which they enjoyed for a long period
of time, had really slowed down. The general rule of thumb is that when the
inventory drops to where it would take 6 months, at the current rate of sales,
to market that number of properties, neither the buyer nor the seller has any
particular advantage. We are now at 5.8
months of inventory. This is the first
time in many years, probably since 2007.
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<span style="color: white; line-height: 115%; mso-bidi-font-size: 14.0pt;">Total
time on the market has not changed significantly and remains in the area of 180
days. This is generally the result of a
larger inventory on the market, lack of enough new construction and the spread
between the listed price and the eventual sales price. As the market continues
to improve I would expect this length of time to be reduced.</span></div>
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<span style="line-height: 115%; mso-bidi-font-size: 14.0pt;"><span style="color: white;">Here
at Century 21 Best Realty, Inc. we have been fortunate and have seen the number
of units closed increase by 14% over the same period last year and the
commissions increase by nearly 38%. We
are looking forward to continue to ride this growth cycle throughout the
year. The Century 21 brand name and the
programs to support this digital type of marketing appear to give us some
significant advantages. No other brand seems to have the amount of support
systems for the Brokers that Century 21 does.</span></span></div>
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Anonymoushttp://www.blogger.com/profile/04923183255175937211noreply@blogger.com1